On 16 September the Russian government signed two orders putting federally owned stakes in 28 companies up for sale. Order No. 2534-р sends 19 of them to auctions run by the state property agency. Order No. 2532-р adds nine more to a separate list on which every seller is PSB — the bank of the defence industry. That list had ten entries seven weeks ago. It now has 19.
The money from the first order goes to an account of the Russian Treasury. Neither order names a price.
Order 2534-р: nineteen companies, all of them whole
The operative sentence explains the sale in the language of investment policy:
“With a view to creating conditions for attracting investment, stimulating the development of the stock market, and the modernisation and technological development of the economy, in accordance with subparagraph 15 of paragraph 2 of article 3 of the Federal Law ‘On the privatisation of state and municipal property’, to accept the proposal of Minfin of Russia, agreed with Rosimushchestvo, on the alienation of federally owned stakes in the charter capital of business companies listed in the annex, through open tenders conducted as an auction and by means of a public offer, under procedures analogous to those established by the Federal Law ‘On the privatisation of state and municipal property’.”
That reference to subparagraph 15 is the load-bearing part. It is the provision of the privatisation law that says the law does not apply to this property — so the sale follows procedures analogous to those in the law, written by the government rather than by statute.
The annex lists 19 limited liability companies, and the state is selling 100 per cent of every one. Sixteen carry tax numbers beginning 61, the code for Rostov region; two begin 23 (Krasnodar) and one begins 25 (Primorsky). Among them is OOO “SINKO” itself, tax number 6167096100, alongside OOO “Skachki”, OOO “Khlebozavod Yug Rusi”, OOO “Donskaya Gofrotara Holding”, OOO “Tamanskoye Khlebopriyemnoye Predpriyatiye” and OOO “Rybachok”.
The timetable in point 2 is short. Bids are accepted for 5 working days. Results, including the decision on who is admitted as a bidder, are declared within 24 hours of the bidding window closing. If the auction fails, the public offer is announced the next day. Point 3 fixes payment: buyers pay into an account of the Treasury of Russia, in roubles, and the stakes transfer only once the money has been credited. Point 4 gives Rosimushchestvo four months to set the sale terms — starting price at market value, per an independent valuer's report — and six months to carry the sale out.
One requirement in point 2 is worth reading twice. The sale notice must disclose the company's current financial and economic condition, including data on the cost of maintaining it and on its debt obligations. The seller is expected to publish what these assets cost to hold.
Order 2532-р: nine more for the defence bank to sell
The second order is four lines long and does its work in the annex. It adds positions 11 to 19 to the list of federal property approved on 28 July by order No. 1997-р. Every new row names the same seller — “public joint-stock company Bank PSB” — the same method (auction, or a public offer if the auction fails) and the same window: 2026–2027.
The largest stake is 74.217800436679 per cent of the shares of AO “Yuzhno-Uralskiy Zavod Magniyevykh Soyedineniy”, a magnesium-compounds plant. The smallest is 1 per cent of OOO “Biznes-Siti”. In between are seven whole companies, among them OOO “Zavod Flyusov Magnezialnykh Materialov”, OOO “Tsentr Deratizatsii g. Chelyabinska”, OOO “Kants!”, OOO “Agro-Klever”, OOO “Udarnik”, OOO “Zemlya Sazhinskaya” and OOO “Petelino”.
What the same list held in July is the measure of how fast it is filling. Order 1997-р approved ten positions: nine agricultural and transport companies with Altai tax numbers — “Altayagropole”, “Milk Park”, KFH “Veles”, three AltayAgroSnab entities, “AAS-Agro”, “Altayskaya Transportnaya Kompaniya”, “AltayAgroSnab” — and 59.9819 per cent of a Krasnodar spa operator, AO “UK ‘Kurorty Goryachego Klyucha’”. Seller in all ten: PSB. Seven weeks later the list has 19 entries.
The regime the second list belongs to
Order 1997-р exists because of presidential decree No. 693 of 30 September 2025, and the decree that matters is the one that rewrote it — No. 389 of 3 June 2026. That amendment states the purpose of the whole regime in its first line:
“To establish that, in the cases provided for by a decision of the President of the Russian Federation, for the purposes of ensuring the defence capability and security of the Russian Federation, the realisation of property held in federal ownership and determined by such a decision may be carried out, among other things, with regard to the following particulars.”
Subparagraph (в), as rewritten, names the sellers: PSB or the state property agency. A new subparagraph (г) gives the competition regulator no more than three working days to rule on a merger-clearance application under article 32 of the competition law. The new point 1¹ sets the rest of the clock: the notice is published at least five working days ahead, bids are taken for five working days, applicants become bidders the next working day, and the sale happens the working day after that.
Two of its provisions decide how little the state can end up accepting. Under subparagraph (е), if the auction fails, the price steps down “to 50 per cent” of the starting price — that figure is the cut-off, the floor below which the public offer will not go. The appendix to order 1997-р fixes the steps: the auction step is 1 per cent of the starting price, and each downward step in the public offer is 5 per cent of the initial offer price. Ten steps from full valuation to the floor.
And point 1³ removes the obstacles a normal share sale would meet: when stakes are sold this way, the pre-emption rights of other shareholders and of other participants in an LLC do not apply, and the Russian Federation does not have to make a mandatory offer to buy out the minority of a public company.
Why a property sale is a budget question
Taking an asset into state ownership does not produce money. It produces a company that has to be run, and — as order 2534-р's own disclosure rule concedes — one that costs something to hold and may carry debt. Money can only appear at the next step, and what the 16 September orders do is open the route to it: when a buyer eventually pays, the cash is credited to a Treasury account, which makes it non-debt financing rather than a bond sold at a discount.
That is why the pace matters more than any single name on the list. Two weeks ago we reported the deputy finance minister's internal target for privatisation proceeds: 500 bn roubles this year, against a usual benchmark of 100 bn, with proceeds already above 300 bn. These two orders are the machinery under that number — and the machinery is built for speed rather than for price. Five working days of bidding, results in 24 hours, three working days for competition clearance, minority rights switched off, and a floor at half of valuation.
That floor is worth one note of caution. In the same interview, the deputy minister said of the Aeroflot share offering: “below 50% we do not sell.” The two 50s are the same number reached by different routes — his was about the methods used for a share offering, the decree's is the cut-off price of a failed-auction public offer — and we do not claim the documents connect them. What can be said is that the published regime already contemplates selling at half.
What this changes in our model
Nothing today. Asset sales are not one of our eight components, and no order becomes a receipt until a buyer pays.
Where it will show, if it shows, is the budget deficit, which scores 65 out of 100 with the rolling twelve-month deficit at 3.3% of GDP. Proceeds of this kind substitute for borrowing, so the figure to compare them against when sums finally appear is the quarter's bond issuance, not the size of the deficit. The strength index stands at 47.3 out of 100, in the stress zone. No indicator moved in today's data update; overdue receivables remain the weakest of the eight at 9, and oil and gas revenue the second weakest at 14.
What we do not know
Any price at all. Neither order carries a starting price, a valuation or an expected yield. Order 2534-р defers all of it to valuers' reports that are not published, and the conditions annexed to 1997-р give only the mechanics of the bidding. Until a sale closes, the fiscal size of this is unknown.
How the state came to own these companies. Neither order says. Both are silent on any court decision, and we did not read one. Russian media have reported that a Krasnodar court in April 2026 turned 19 companies of the SINKO holding over to the state, and that a Moscow court in March 2026 did the same for the magnesium plant. The count and one name match the annex to 2534-р, but we are not treating a match as proof, and we could not confirm current ownership of the stakes through open registries.
Why the baskets were split. One goes to the state property agency under an analogue of the privatisation law; the other goes to the defence-industry bank under a presidential decree whose stated purpose is defence capability and security. Nothing in either order explains which assets go which way.
What happens to the rest of the magnesium plant. The list covers 74.217800436679 per cent of its shares. The remaining 25.782199563321 per cent is not mentioned in any document we read.
Whether the buyers will be disclosed. The disclosure duty in order 2534-р runs to the seller's notice before the sale. Nothing in either order requires the winner to be published after it.